Global home furnishing giant IKEA will sell 25 retail parks, each located beside an Ikea store, in eight European countries to Pradera, one of Europe’s leading specialist retail property fund and asset manager, in a deal worth Euro 900 million.
With this deal, the furniture retailer is offloading about half of its retail park portfolio on the continent. Spread over 538,000 square metres, the parks are in Germany, France, Poland, Sweden, Finland, Denmark, the Czech Republic and Switzerland. Completion on 17 assets located in Germany, France and Poland is expected on 4 April 2017, with a further eight retail parks in Sweden, Finland, Denmark, the Czech Republic and Switzerland due to complete on 31 August. The retail units in the parks were let to tenants such as Media Markt, OBI, Decathlon and Leroy Merlin. “As the world’s leading home furnishings retailer, IKEA is a strong anchor in these locations,” said David Fletcher, CEO, Pradera.
It may be mentioned here that the retailer earlier said it was offloading stores that did not “fit the vision” of creating “inspiring and family-friendly meeting places”, but that it would retain another 25 retail parks across Europe.